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Children's Savings Account

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Pros and Cons

Pros:
  • Has branch access
  • Has no ongoing fees
  • Has no minimum balances
Cons:
  • Must satisfy conditions

Features

Fees

Bankwest offers several savings account options. The TeleNet Saver pays bonus interest for the first four months and requires a linked Bankwest transaction account. The Smart eSaver pays 0.01 per cent standard interest but bonus interest for every month you make no withdrawals. It also requires a linked Bankwest transaction account. The Children’s Savings Account is open to children under 15 years and pays different tiers of interest, depending on your balance. The Student Account has no monthly fees but pays a maximum of 0.05 per cent interest. Bankwest is owned by the Commonwealth Bank.

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